Technical Commentary : The FTSE MIB aims to replicate the sectoral distribution of the national Italian market, bringing together the 40 largest stocks listed on the Milan Stock Exchange. This index has been evolving in a bearish trend for several years…….
Day By Day – Indipendent Research
In the shorter term, the overflow of the 14,420 points major level confirmed the reversal of the dynamic and generated a sharp bullish acceleration. After a precise 38.2% correction of the previous bullish leg and a brief bearish excess below the 15,360 support (former resistance), prices resumed their bullish trend even stronger. The next movement is expected to join the resistance 16,765 points, the previous top of the dynamics. The rising 50-day moving average is a dynamic support confirming this expectation. The trend remains bullish in the short term and we set the invalidation threshold of this scenario slightly below the 15,360 support points, the last level of rebound.
|2 months Opinion||NEUTRAL|
|2 weeks Opinion||POSITIVE|
|Resistances||16068, 7 / 16765,2 pts|
|Supports||15360,0 / 14420,0 pts|
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Source: ETFWorld – Day By Day – Indipendent Research